Will Crypto.com's Status As Preferred Platform Amplify PYUSD's Traction Through PayPal Integration?

Singapore-based exchange, Crypto.com has become the preferred platform for PayPal Holdings Inc's PYPL PYUSD in a partnership with the company and its issuer Paxos.

Currently, Crypto.com has the strongest liquidity for PYUSD trading pairs at a global level. The exchange has listed the stablecoin for retail and institutional users since its launch in August.

Earlier, PayPal and Crypto.com partnered for the exchange to use for topping up the Crypto.com Visa Card. Global Head of Payment Partnerships at Crypto.com, Joe Anzures explained the significance of the collaboration, saying, “Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”

Read Now: Paxos Reveals PayPal Stable Coin PYUSD Is Backed By Treasury And Cash Reserves

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Nansen, a blockchain analytics platform, indicates that almost 90% of PYUSD tokens are still held in the issuer Paxos Trust’s wallets as it faces difficulties in gaining consumers' interest, according to Cointelegraph.

The stablecoin, PYUSD is present on major exchanges like Bitstamp, Coinbase, and Kraken and it is also supported as a payment option by BitPay and MetaMask. It forms a part of the green list of coins approved by the New York State Department of Financial Services.

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Also Read: PayPal Races Ahead, Venmo Users Get Access to PYUSD

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